HDFC's new CEO: Who is Anup Bagchi? The ICICI veteran set to take charge at India's largest private lender

Anup Bagchi, a three-decade veteran of the ICICI Group, has been appointed managing director and CEO of HDFC Bank, marking his return to mainstream banking after three years at ICICI Prudential Life Insurance. The Reserve Bank of India has approved his appointment for three years from October 27, 2026, and he will succeed Sashidhar Jagdishan, whose term ends on October 26. Also read: HDFC Bank names ICICI veteran Anup Bagchi as MD & CEOBagchi, 55, joined the ICICI Group in 1992 and has held a wide range of roles across retail, corporate and investment banking, treasury and other financial services businesses.

ET reported in 2016 that he had worked across retail, corporate, investment banking and treasury before taking over as head of ICICI Bank's retail business and being appointed executive director.His career at ICICI also included a stint at ICICI Securities, where he served as managing director and CEO before moving back to the bank. By 2016, he was heading ICICI Securities and was brought into ICICI Bank's top management as executive director.At ICICI Bank, Bagchi took on increasingly senior responsibilities.

Before moving to ICICI Prudential Life, he was appointed executive director in 2017 and headed the wholesale banking business. ET's September report said his responsibilities also included transaction banking, the markets group and proprietary trading.In 2023, Bagchi moved from banking to insurance, taking charge as managing director and CEO of ICICI Prudential Life Insurance. He formally took over from NS Kannan on June 19, 2023, after having served as executive director and chief operating officer of the insurer from May 1 that year.His three-year stint in insurance became a key consideration in the HDFC Bank succession process.

In September, ET reported that the RBI had sought feedback from the insurance regulator and ICICI Bank CEO Sandeep Bakhshi on Bagchi's candidature. The central bank was examining his transition back into mainstream banking after more than three years away from it.Also read: HDFC Bank names ICICI veteran banker V.N. Srivatsan as Chief Compliance OfficerThat question has now been resolved with the RBI approving his appointment.

HDFC Bank said Bagchi will serve as MD and CEO from October 27, 2026, to October 26, 2029, subject to shareholder approval. He will also join the bank's board as an additional director from October 2, subject to shareholder approval.ET's September reporting also highlighted the breadth of Bagchi's experience across retail and wholesale financial services. His career has covered lending, liabilities, capital markets and insurance, alongside areas including MSME and rural banking, credit policy, digital channels and data analytics.Bagchi's move to HDFC Bank therefore brings him back to the banking sector after a three-year insurance stint — but after a career that has taken him through several major parts of the financial-services industry.

His immediate challenge will be to take over from Jagdishan as HDFC Bank enters a new phase of leadership.